DW 2Bloodstock racing

1. A person is denied a deduction for expenditure or loss that they incur—

2. on the racing of bloodstock; or
3. in relation to the racing of bloodstock.

4. A person is denied a deduction for expenditure or loss that they incur in preparing bloodstock for racing, except, first, when—

5. the person is in the business of breeding bloodstock; and
6. they incur the expenditure or loss in preparing for disposal of bloodstock that they are preparing for racing; and
7. they do not race the bloodstock on which they incur the expenditure or loss.

8. A person is denied a deduction for expenditure or loss that they incur in preparing bloodstock for racing, except, second, when—

9. the person incurs the expenditure or loss in preparing the bloodstock for racing; and
10. they receive consideration for preparing the bloodstock for racing; and
11. the consideration is income of the person.

12. This section overrides the general permission.

Compare

• 2004 No 35 s DW 2

Notes

• Section DW 2(2)(b): amended (with effect on 1 April 2015 and applying for the 2015–16 and later income years), on 24 February 2016, by section 242(1) of the Taxation (Annual Rates for 2015–16, Research and Development, and Remedial Matters) Act 2016 (2016 No 1).